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529 Plans: Prepaid Tuition Plans

Current as of October 18, 2006

This table provides 529 prepaid tuition plan information. The first section covers state-sponsored plans; the second covers college-sponsored plans.

State-Sponsored Prepaid Tuition Plans
State	Name of plan, manager, contact information	Residency restrictions	Contribution limit	State tax benefits
AL	Prepaid Affordable College Tuition (PACT) Program Alabama State Treasurer treasury.state.al.us (800) 252-7228	Open to all	$22,112 for a four-year contract purchased in lump sum for 9th grader	Withdrawals from Alabama 529 plans (but not other states' 529 plans) used for qualified education expenses are exempt from AL income tax
CO	Prepaid Tuition Fund State Treasurer collegeinvest.org (800) 478-5651 Note: This plan is closed to new enrollments until further notice
FL	Florida Prepaid College Plan Florida Prepaid College Board florida529plans.com (800) 552-4723	Beneficiary must be a Florida resident and meet age and grade requirements	$34,728 for a four-year contract plus a five-year dormitory plan purchased in lump sum for 8th grader	Florida has no state income tax
IL	College Illinois! 529 Prepaid Tuition Program Illinois Student Assistance Commission collegeillinois.com (877) 877-3724	Account owner or beneficiary must be an Illinois resident for at least 12 months prior to application	$44,436 for a nine-semester contract purchased in lump sum for 9th grader or older	Withdrawals used for qualified education expenses are exempt from IL income tax, and contributions are deductible, up to a cap
KY	Kentucky's Affordable Prepaid Tuition (KAPT) KAPT Board getKAPT.com (888) 919-5278	Beneficiary must be a Kentucky resident or plan to attend a Kentucky college	$83,559 for five-year premium plan purchased in lump sum	Withdrawals used for qualified education expenses are exempt from KY income tax
MD	College Savings Plans of Maryland - Prepaid College Trust College Savings Plans of Maryland Board collegesavingsmd.org (888) 463-4723	Account owner or beneficiary must be a Maryland or District of Columbia resident	$47,250 for a five-year contract purchased in lump sum for 9th grader	Withdrawals used for qualified education expenses are exempt from MD income tax, and contributions are deductible, up to a cap, with an unlimited carryover of excess contributions
MA	U.Plan Massachusetts Educational Financing Authority mefa.org (800) 449-6332 Note: This plan does not currently meet the requirements of Section 529 of the Internal Revenue Code	Open to all	Cost of tuition and fees for four years at the highest-cost participating institution	Withdrawals used for qualified education expenses are exempt from MA income tax
MI	Michigan Education Trust MET Board of Directors and Treasury Department met4kid.com (800) 638-4543	Beneficiary must be a Michigan resident	$39,392 for a four-year contract purchased in lump sum for a 12th grader	Withdrawals used for qualified education expenses are exempt from MI income tax, and all contributions are deductible
MS	Mississippi Prepaid Affordable College Tuition (MPACT) Program Mississippi Treasury Department treasury.state.ms.us (800) 987-4450	Account owner or beneficiary must be a Mississippi resident	$22,000 for a five-year contract purchased in lump sum for 12th grader	Withdrawals used for qualified education expenses are exempt from MS income tax, and all contributions are deductible
NV	Nevada Prepaid Tuition Program State Treasurer nevadatreasurer.gov/college (888) 477-2667	Account owner or beneficiary must be a Nevada resident or account owner must be an alumnus of a Nevada college	$16,200 for a four-year contract purchased in lump sum for 9th grader	Nevada has no state income tax
OH	Ohio CollegeAdvantage-Guaranteed Savings Fund Ohio Tuition Trust Authority collegeadvantage.com (800) 233-6734 Note: This plan is closed to new enrollments and contributions until further notice
PA	TAP 529 Guaranteed Savings Plan Upromise Investments, Inc. TAP529.com (800) 440-4000	Account owner or beneficiary must be a Pennsylvania resident	$315,000	Withdrawals used for qualified education expenses are exempt from PA income tax, and contributions are deductible, up to a cap
SC	South Carolina Tuition Prepayment Program State Treasurer scgrad.org (888) 772-4723	Beneficiary must be a South Carolina resident for at least 12 months prior to program enrollment	$17,088 for a two-year contract purchased in lump sum for 10th grader	Withdrawals used for qualified education expenses are exempt from SC income tax, and all contributions are deductible
TN	Tennessee's BEST Prepaid College Tuition Plan State Treasurer treasury.state.tn.us/best (888) 486-2378	Account owner or beneficiary must be a Tennessee resident	$235,000	Tennessee has no state income tax
TX	Texas Guaranteed Tuition Plan Texas Prepaid Higher Education Tuition Board texastomorrowfunds.org (800) 445-4723 Note: This plan is closed to new enrollments until further notice
VA	Virginia Prepaid Education Program (VPEP) Virginia College Savings Plan Board virginia529.com (888) 567-0540	Account owner, beneficiary, or parent of a nonresident beneficiary must be a Virginia resident	$44,245 for a five-year contract purchased in lump sum for a newborn	Withdrawals used for qualified education expenses are exempt from VA income tax, and contributions are deductible, up to a cap, with an unlimited carryover of excess contributions
WA	Guaranteed Education Tuition (GET) Washington State Higher Education Coordinating Board get.wa.gov (877) 438-8848	Account owner or beneficiary must be a Washington resident	$35,000 for 500 units	Washington has no state income tax
WV	SMART529 Prepaid Tuition Plan West Virginia College Prepaid Tuition Plan Board of Trustees smart529.com (866) 574-3542 Note: This plan is closed to new enrollments until further notice
College-Sponsored Prepaid Tuition Plans
	Independent 529 Plan TIAA-CREF Tuition Financing, Inc. independent529plan.org (888) 718-7878	Open to all	Cost of five years of full-time undergraduate tuition and mandatory fees at the highest-cost participating institution	Varies from state to state; contact a tax professional

GE 38155 (03/07)

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